Lendbox is a Peer-to-Peer lending platform, which gets creditworthy borrowers and willing investors together to transact on short to medium term personal unsecured loans.
Lendbox goes beyond conventional forms of risk analysis of the borrower in order to serve a broader user base. Banks typically look at CIBIL or other credit bureau scores to make loan decisions. Lendbox takes into account 1000s of data points to assess the creditworthiness of the borrower such as net salary, expenditure trends, locality of stay, educational qualification, utility and mobile bills, asset holding, Investments, Credit card bills and online spending behavior etc. This approach ensures that individuals with a less favourable CIBIL score are also likely to get a loan through our platform if they are credit worthy as our proprietary machine learning algorithm generates a more holistic credit profile of the borrower.
Lendbox offers borrowers with the convenience to getting loans while sitting at home without having to visit a bank numerous times to sign papers and other formalities
We ensure that the process is completely transparent with no hidden charges levied on the borrower
Lendbox offers a streamlined and efficient approach to personal finance making the process a very pleasant experience for the borrowers
We also offer borrowers a chance to send and receive proposals from prospective investors to ensure that both parties reach a mutually beneficial arrangement.
Lendbox is a platform for people with non-traditional approach to borrowing, which ultimately results in lower interest rates on the financing amount. All borrowers on Lendbox must meet the following criteria to be eligible to be listed on our platform:
Where a prospective investor doesn't meet the standards listed above, the investor can't be a member of Lendbox, until and unless specified by Lendbox in a written legal agreement.
|Identity Proof (any one of the following)||PAN Card, Adhaar Card, Voter ID, Passport|
|Date of Birth Proof (any one of the following)||PAN Card, Passport|
|Signature Proof (any one of the following)||PAN Card, Signature verification from your bank, Passport|
|Address Proof (any one of the following)||Passport, Bank Statement, Voter ID|
|Contact Proof (any one of the following)||Post paid Mobile Bill (last month), Post paid Landline Bill (last month)|
|Bank Statements||Last 6 months|
|Proof of Income||Last year's Business/Personal ITR or Income Declaration|
Getting a loan largely depends on your capacity to pay. At Lendbox, you can interact with investors and put forward a clear and concise image of your creditworthiness. It is advised that you as borrowers share as much information as you deem appropriate to make your listing more effective so that more and more investors offer you loans. No information is shared with third party agencies and limited visibility of information is restricted to registered investors only.
Provide complete and authentic information including details such as financial status, achievements, hobbies, background, work, past track record and ability to repay loan. We also advise you to verify your mobile numbers, your social media accounts. This information might not be visible to the Investor but he will definitely get to know that these details are verified by Lendbox. This will help investors make favorable decisions to invest in you.
It is important to explain the purpose of loan in the loan application. Investors take different purposes of loan in different sense and on the basis of it, propose a rate of interest. Explain in detail the financial capability to pay off EMIs and supporting information such as income, savings, expenses and credit history (credit cards and other bills' payments).
You may avail a loan for a wedding, to buy a car or any other personal use. Lendbox presently does not deal in commercial or corporate finance.
Lendbox doesn't contemplate any reason to be unfit to avail a loan. We at Lendbox don't differentiate and judge the cause for which an individual is looking for a loan, other than the understandable circumstance that a person doesn't use the money for any illegal or prohibited activity. One may avail loans for several purposes such as:
These are few of our everyday life needs and this list is not exhaustive, there can be many other valid circumstances which may require an individual to avail a personal loan.
Disbursals and repayments for a loan through Lendbox can be done through various channels. All payment modes recognized by the RBI such as Cheques, NEFT, IMPS, Bank transfers, Cash Cards, Mobile wallets etc. can be availed.
The monthly installments you pay are not inclusive of fees paid to Lendbox. Monthly installments of Borrowers are defined as per the rate of interest settled between the investors and the borrowers. The EMI is directly given to the investors and Lendbox just acts as a facilitator for the installments if the investor requests us to do so.
We charge a onetime listing fee of Rs. 1,500 from the borrower at the time of listing.
This listing fee is currently waived off as a discount for the festive season
Lendbox can act as a facilitator of EMIs. The EMI you pay does not include any payments made to us. Your EMI is decided between you and the investors, and your repayment are made directly to them.
The below mentioned processing fee structure would be applicable upon disbursement of loan request:
|Interest Rate||Disbursement Fees|
|16% or less||2% of Loan Amount or 2000 whichever is higher|
|16.25% to 21%||3% of Loan Amount or 3000 whichever is higher|
|21.25% to 25%||4% of Loan Amount or 4000 whichever is higher|
|25.25% to 28%||5% of Loan Amount or 5000 whichever is higher|
|Above 28%||6% of Loan Amount or 6000 whichever is higher|
You can choose to make a prepayment of the entire loan amount without any penalty/ prepayment charges, pre-closure charges etc, however this has to be agreed in advance between the borrower and their respective investors.
In case you do not pay the EMI by the due date, Rs. 250 bounce charge and additional penal interest of 2% p.m. will be applied to the due amount for the duration of delay which you will be liable to pay to your Investor(s). In addition to that, Lendbox will charge a processing charge of Rs. 500.
It is advised to not change the bank account details from which you intend to make the repayment. However, we do not prevent you from doing so but only charge a nominal Rs.500 for any such account swap during an ongoing loan repayment process.
The better deal you are able to strike with the investors the lower will be your interest rate.
Since, you will be receiving a loan from multiple investors, your interest rate will be a weighted average of the individual loan parts.
The eligibility of being a borrower is determined by your intention and ability to repay the loan amount. Lendbox reserves the right of selecting the borrowers suitable for listing on its website. All borrower applications are subject to stringent verification by the Lendboxâ€™s risk management team and in case an application is not found suitable then Lendbox reserves the right to partially refund the listing fees paid by you and terminate your loan application.
In case a loan application is rejected prior to listing on the Lendbox portal then Lendbox will refund Rs.1000 to the applicant and provide the following services:
1. An opportunity to register on the website and explore the platform.
2. A detailed individual credit analysis report with exact reasons for declining loan application.
In case, post profile listing borrower is not able to garner funds or does not accept the funding or for any reason whatsoever does not get funded, then Lendbox will refund Rs.500 to the borrower in question.
An automated aggregation of bank feeds from an extensive range of financial institutions enables us to serve you better and help in getting you funded faster. We have partnered with the world leader in bank feed aggregator, Yodlee. Yodlee currently serves Over 40 million consumers worldwide, 600 global financial institutions, and 8 of the top 10 U.S. banks in addition to top Indian banks to deliver bank feed aggregation.